Russia to Begin Crypto Trials to Ease Sanction-Induced Payment Woes
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Russia is preparing to launch trials for cryptocurrency exchanges and cross-border digital transactions, a move aimed at easing the payment challenges caused by widespread international sanctions. 

Bloomberg confirmed this development in a recent publication, citing two sources familiar with the matter.

The report suggested that the trials will begin on September 1 and utilize the National Payment Card System, facilitating the exchange between rubles and cryptocurrencies. 

This development follows legislation signed into law by President Vladimir Putin in early August. The law legalized crypto mining and set the framework for testing cross-border payments through digital tokens under the central bank’s supervision.

Sanctions Drive Russia’s Crypto Adoption

The trials come as Russian businesses face growing payment difficulties amid tighter sanctions, particularly after the U.S. expanded its criteria for penalizing foreign banks working with Russia in June. Russian companies have struggled to complete payments for goods and services, both locally and internationally. 

In response, the country has turned to crypto as a potential solution to bypass conventional financial blockades. According to reports, testing cross-border crypto transactions could offer a new avenue for Russian firms seeking alternative payment methods.

Russia’s Regulatory History Shifts

This initiative represents a departure from Russia’s earlier position on digital currencies. Prior to the sanctions, the Bank of Russia had recommended comprehensive restrictions on crypto activities, citing potential financial instability risks.

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